Raymond James Financial Services Advisors Inc. lowered its position in Blackstone Inc. (NYSE:BX – Free Report) by 1.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 428,161 shares of the asset manager’s stock after selling 7,653 shares during the period. Raymond James Financial Services Advisors Inc. owned about 0.06% of Blackstone worth $53,006,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of BX. Northwest Financial Advisors purchased a new stake in shares of Blackstone during the 4th quarter worth about $25,000. Chilton Capital Management LLC acquired a new position in shares of Blackstone during the 1st quarter worth about $26,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Blackstone during the 2nd quarter worth about $26,000. Bank & Trust Co acquired a new position in shares of Blackstone during the 2nd quarter worth about $29,000. Finally, Roble Belko & Company Inc acquired a new position in shares of Blackstone during the 4th quarter worth about $30,000. 70.00% of the stock is owned by hedge funds and other institutional investors.
Blackstone Stock Up 0.3 %
BX stock traded up $0.35 during midday trading on Monday, hitting $134.63. The company’s stock had a trading volume of 2,145,240 shares, compared to its average volume of 3,527,129. The company has a quick ratio of 0.79, a current ratio of 0.77 and a debt-to-equity ratio of 0.60. Blackstone Inc. has a 52-week low of $88.59 and a 52-week high of $145.16. The firm has a market capitalization of $96.21 billion, a P/E ratio of 47.57, a PEG ratio of 1.17 and a beta of 1.50. The firm has a 50-day simple moving average of $129.86 and a 200-day simple moving average of $126.49.
Blackstone Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 29th were given a dividend of $0.82 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $3.28 annualized dividend and a dividend yield of 2.44%. Blackstone’s dividend payout ratio (DPR) is currently 115.90%.
Insider Buying and Selling
In related news, insider John G. Finley sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $131.74, for a total transaction of $4,610,900.00. Following the transaction, the insider now owns 429,386 shares in the company, valued at approximately $56,567,311.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Blackstone news, Director Joseph Baratta sold 116,448 shares of Blackstone stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $123.00, for a total value of $14,323,104.00. Following the transaction, the director now directly owns 921,184 shares in the company, valued at approximately $113,305,632. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John G. Finley sold 35,000 shares of Blackstone stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $131.74, for a total value of $4,610,900.00. Following the completion of the transaction, the insider now owns 429,386 shares in the company, valued at $56,567,311.64. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
Analyst Ratings Changes
Several research firms recently weighed in on BX. Bank of America upped their price target on shares of Blackstone from $130.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Blackstone from $145.00 to $146.00 and gave the company a “buy” rating in a report on Thursday. Piper Sandler increased their price objective on shares of Blackstone from $134.00 to $149.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Morgan Stanley increased their price objective on shares of Blackstone from $144.00 to $164.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Finally, Barclays raised their price target on shares of Blackstone from $126.00 to $141.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Thirteen analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Blackstone presently has a consensus rating of “Hold” and a consensus price target of $128.65.
Check Out Our Latest Research Report on Blackstone
About Blackstone
Blackstone Inc is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions, credit, secondary funds of funds, public debt and equity and multi-asset class strategies. The firm typically invests in early-stage companies. It also provide capital markets services.
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